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Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the responsibility of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Quality Appraisals by Boscoe, LLC provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is acquired ensures independence and quality. In addition, they should announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the capacity of the appraisal assignment. The Fed says that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Quality Appraisals by Boscoe, LLC, we're trained in every type of appraisal review, review practice and the requirements of review appraisers.
You can rely on Quality Appraisals by Boscoe, LLC for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Quality Appraisals by Boscoe, LLC for more information about our qualifications, expertise and services offered. |
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Quality Appraisals by Boscoe, LLC is aware of what the most common reporting weaknesses are, specifically in our home market. We also know what represents a quality appraisal.
We're also experienced enough to acknowledge that the competitors in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully look over appraisal reports executed by others. And those others could be studying our work, too!